U.S. pension fund giant CalPER has submitted a shareholder proposal -- calling on Apple investors to approve a policy, requiring the computer company's directors to win at least a majority of votes to retain their board seat.

Gold is on a record bull run, up from $328 in 2002 to $1,375 an ounce today. What caused that steep rise wasn't any inherent increase in gold's value to society, but a clever marketing scheme that allowed it to be traded easily without the hassle of physical delivery: The SPDR Gold ETF.

The drop in BP's share price has erased more than $1.4 billion in fund value at 42 state retirement accounts. This comes at a time when pension funds are still struggling to recover from last year's market losses.

Among Wednesday's legal news, the California Public Employees' Retirement System won a court decision allowing it to proceed with a lawsuit against the three major ratings agencies, six shareholders have filed suits against Goldman Sachs, and insurance company WellPoint's massive rate hike requests were based on faulty math.

Federal prosecutors have started a criminal investigation into the investment activities of the California Public Employees Retirement System, reports The Wall Street Journal. The report says Justice Dept. officials are examining potential influence-peddling within CalPERS, the nation's largest public pension fund.